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Livesquawk - Closing Wrap - Thursday 23.09
Closing Wrap - Thursday 23.09
Headlines
  • Some Evergrande Offshore Bondholders Don't Expect Payment By Thurs Deadline
  • Citi, JP Morgan Bring Forward BoE Rate Hike Calls To Q1 2022
  • Biden Administration Preparing For Possible Government Shutdown
  • Schumer, Pelosi Announce Tentative Revenue Deal For Biden's Social Agenda
  • ECB Braces For Sticky Inflation; Eyes End Of Emergency Stimulus
  • ECB Climate Review Shows Once Bailed-Out Bank Now Among the Best
  • EU Regulator To Decide On Pfizer Booster At The Start Of October
  • Twitter To Add Bitcoin Lightning Tips, NFT Authentication
Commentary
Biden Administration Preparing For Possible Government Shutdown

The Biden administration is preparing for a possible government shutdown, with federal agencies reviewing contingency plans in the event that funding runs out on Sept. 30.

 

The White House said it expects Congress to take action to fund the government and is preparing out of an abundance of caution.

 

“We fully expect Congress to work in a bipartisan fashion to keep our government open, get disaster relief to the Americans who need it and avoid a catastrophic default, especially as we continue to confront the pandemic and power an economic recovery,” Office of Management and Budget spokesman Abdullah Hasan said. (WSJ – Continue Reading)

ECB Is Lonelier Than Ever After A Hawkish Turn Led By The Fed

With central banks from Washington to London this week signaling more alarm over faster inflation, the ultra-stimulative path of the euro zone and some of its neighbors appears lonelier than ever. 

 

A collective move to look beyond the pandemic slump and toward the risk rising of accelerating prices emerged with a warning from the U.S. Federal Reserve that it may taper bond-buying soon, the prospect of higher interest rates as early as this year from the Bank of England and at least five other hikes from central banks around the globe. (Bloomberg – Continue Reading)

ECB Braces For Sticky Inflation; Eyes End Of Emergency Stimulus

European Central Bank policymakers are bracing for inflation to exceed the bank's already raised estimates, paving the way for it to end its emergency bond purchases in March, sources involved in the discussion said.

 

The ECB, which plans to make a decision on the future of its Pandemic Emergency Purchase Programme in December, expects inflation to ease back in 2022-23 after this year's abnormal bounce as the economy goes back to its pre-pandemic path.

 

But conversations with eight members of the ECB's Governing Council who asked not to be named showed that many, if not most, at the Sept. 9-10 policy meeting already felt the new forecasts, which put inflation at 2.2% this year, 1.7% next year and 1.5% in 2023, were too low. (Reuters – Continue Reading)

Citi, JP Morgan Bring Forward BoE Rate Hike Calls To Q1 2022

U.S. banks Citi and J.P. Morgan on Thursday brought forward their forecasts for a Bank of England rate hike to early next year after the central bank said the case for higher borrowing costs "appeared to have strengthened".

 

Citi said the BoE was now likely to raise interest rates to 0.25% from 0.1% in February 2022, and increase rates again to 0.5% in May 2022.

 

J.P. Morgan said the language employed in today's policy minutes seemed to be designed to strengthen expectations for a hike in February, and forecast a first rate rise for Q1 2022 and a second rate rise to 0.5% for Q3 2022. (Yahoo – Continue Reading)

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